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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: bituli who wrote (5516)9/24/2002 2:41:45 PM
From: Lizzie TudorRead Replies (3) of 306849
 
I am somewhat familiar with how Silicon Valley RE reacted to the recent economic downturn: midrange RE ($500k) continued to climb and is still climbing, while higher-end properties dropped quite a bit -- 30-40% from their highs in 2000, in some cases.

I don't know... I was in palo alto on saturday and counted 20 open houses. This in on a saturday. For rent signs everywhere, it used to be impossible to rent. I can't see how the midrange SV homes can hold, especially since some of the really big layoffs are coming now (sunw laying off over 5000 rumor).

In 2001 we thought we were in a typical tech recession which was going to end at some point, now it looks like an L-shaped graph and this in addition to all the capacity added in rentals etc in the 90s. I own 2 houses and I'm bracing for a decline, I just hope I can get my proberty taxes reassessed.
L
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